Rising Class III Markets Come to a Halt
Upward momentum in the Class III milk market hit the pause button on Wednesday as prices eroded two cents to finish at an average price of $16.43 cents from now through the end of the year. That was spurred by a mixed trade in the cheese market, where blocks fell a penny and a 1/4 after a single load traded hands to finish at $1.60 and ¾. Together, with a higher barrel trade, that help close the gap between blocks and barrels to five cents.
Barrels finished at $1.55 and 3/4 after rising 1/4 cent on nine loads which traded from seller to buyer. Butter rose 3/4 of a cent on 14 loads to finish at finish $2.42 and ½.
Moving in the opposite direction was the powder trade. Grade A nonfat dry milk dropped 1/2 cent to finish at 84 cents and like blocks only traded a single load. Dry whey, which has been the strength of late, finished unchanged after five loads traded hands. It finishes at 37 and 3/4 cents.
Grain markets carried it's uneasy tone from yesterday after further bantering about Chinese trade deals cause concern among traders.